Ethereum Foundation thoughts, Core dev updates - The Daily Gwei Refuel #814 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delway refuel very cap the latest news and ethereum ecosystem I'm your host Dan Zano and today the 17th of January 2025 all right everyone let's get into it so I'm back after my trip to Japan back with a fresh episode of the refuel after a couple of weeks there and it's good to be back honestly I had a really really awesome time in Japan spent around 10 days there traveling with friends uh just in the usual spots Tokyo Kyoto Osaka we spent most of the time in Tokyo and I've got to say after going there for the second time now I went in 2019 to Tokyo but this is the second time I've been there it remains my favorite city in the world at least from ones that I've visited I haven't visited every city in the world

of course but I visited a lot so far and Tokyo just Reigns Supreme for me it pretty much like has everything that I want in a city uh even though I can't speak the native language of course I don't know really any Japanese except like hi and thank you um but regardless of that like just the city itself is always alive uh it it really is and it's really different to where I am in Melbourne in Australia like totally different it's got a lot of stuff going on that I'm super interested in you guys know I'm really big into anime really big into figurines obviously as you can see behind me and I shared a a um picture in the daily way Discord today of everything that I bought in Japan I came home with like two suitcases worth of uh of figurines and other kind of

things from from different anime that I watch uh which was super exciting because a lot of that stuff isn't available where I am isn't even available online unless you want to pay like 3 to 4X the price so it was great going there going through all the different store seeing that sorts of stuff but it was just great traveling with friends this is a trip just with my uh my real life friends my fiance didn't come along uh it was just us guys four of us and it was really really fun honestly we we all wor traveled well together we ate a lot of amazing food we did a lot of amazing amazing things as you can see in my picture here that I shared to Twitter we did what's called monkey cart which is basically go-karting around uh Tokyo we we uh did this in shabuya so we got to go-kart

through the shabuya crossing which was quite an experience and everyone kind of stares at you as well cuz it's the the go-kart really loud and fun fact it used to be I think called Mario Kart and you could dress up as like Mario Kart characters but then obviously Nintendo came down on them it's like you can't use our IP so they changed it to Monkey card and then they've got um they've still got some of the costumes but I think that they kind of dialed it down a bit but it didn't take away from the experience of of being on the go- carts here so yeah I had a lot of fun people wanted me to kind of recap my my trip a bit they they kind of said that in the daily gr Discord Channel today and that's basically the TDR there but I am

back with the refills now as I said I believe it was on the last episode or or the episode before that I I did say that I wanted to get back to a regular Cadence of refuel episodes starting from basically today you know today's Friday and I want to get back to doing three days a week and those three days will I'll Target like Monday Wednesday Friday but it might alternate I might do one on Tuesday instead of Wednesday for example but the target is to do three episodes a week going forward I know I used to do five a week but I don't think I can commit to that at this point in time for a number of different reasons so I'm going to try and do and and Target three a week for you guys but as I said the targets mon Monday Wednesday Friday but

that may change depending on if I'm I'm busy one day or whatever else there but there is a lot of stuff going on in the ecosystem to cover so without further Ado I'm going to jump into the first thing which is going to be a discussion around everything happening within the ethereum foundation and thing I guess like the topic of conversation around that as you guys know the ethereum foundation has I guess been under a lot of scrutiny over the last few months some deserved most of it probably not deserved honestly um because of the fact that I think that a lot of people like to blame the EF for things when the EF doesn't really have anything to do with it because when things are not going or perceived to not be going well such as I don't know the eth price is not doing

what people expected to be doing there will always be someone that people want to blame or some group that people want to blame in order to shift blame from themselves or shift blame from somewhere else and try to have this kind of like figure head that they can lay blame on in saying that obviously there are a lot of good things that the ethereum foundation could be doing better especially on the marketing side of stuff they don't even Market themselves well which means that people don't actually know what they do they did put out that transparency report a few months ago which detailed a lot of what they do but then they didn't really talk about it after that you know the ethereum account on Twitter only recently woke up you you you probably have seen it it's begun tweeting more it's beun begun retweeting more but

that's only over the last I think week or so or or week or two before that yeah that that account didn't really tweet things out so they really suuck at not only marketing themselves but also marketing e more broadly but I don't think that they are the organization that should be the marketing arm of ethereum right I've never thought that I think the ethereum foundation does an amazing job at what it does which is basically be a grant giving organization as well as um have a lot of the ethereum researchers and developers under its umbrella but it also pushes this stuff out it also pushes teams out and basically funds those teams as separate entities and encourages those teams to get outside funding from you know organizations other than the EF because the ethereum foundation doesn't want to be kind of central Hub of power that has

control over ethereum or that has outsized influence on ethereum and that in my opinion is the correct way to go about it in saying that there is always room for improvement and a lot of the discussions over the last few weeks has been around potentially replacing a a who is the current executive director of the theum foundation with someone else now that someone else may end up being Denny Ryan you guys know who Denny Ryan is if you followed along with not only the refuel but with ethereum development for years now you know exactly who Danny Ryan is he is basically I would say one of the most well-known people in the eume ecosystem he was the the one that was responsible for not not responsible for the whole thing but responsible for like delivering and leading the merge the beacon chain you know the two biggest

upgrades in ethereum's history before taking a step back I believe in like early to mid 2024 where he basically said that he needed a break from things now there has been a lot of stuff flying on Twitter about the fact that people want Denny Ryan to come back in the capacity of executive director at the etherum Foundation now I do want to State here that people aren't just saying this in order to drag Denny Ryan back this is something that as far as I know Denny Ryan has expressively uh kind of um uh put forward as an idea himself so he actually wants this it's not just the community asking for it he's actually asked for and the community is just supporting that he hasn't asked for it publicly but from what I know and from from friends that I've talked to this is something that's that that

that's kind of come from him and he put a tweet out where he said uh regardless of the future of ethereum whether it's with me without me he wants to publicly state that he's got nothing in respect and praise for a uh for her leadership and and friendship and he continues on in the Tweet which I'll link yoube description below uh with with a bunch more stuff there and I agree with him you know I don't think a has done anything wrong I actually think that she's done a lot of things right and I really do Vibe with her philosophical views around things like subtraction and a lot of the stuff she talks about in her speeches at various devc cons over the years and so on and so forth I don't think there's anything wrong there but the the fact is that she's been the Ed

for 6 s years now I think she joined in 2018 as the executive director there um and it's different it's a different time now it's it's it's a time for I think change it's a time for the ethereum ecosystem to become more aggressive and I think it's it's time for the ethereum foundation to have a refresh as well it even though the etherum foundation does a lot of great work I think internally there is at least from people I've spoken to a feeling of not stagnation but a feeling of the uh of a refresh being needed in terms of leadership in terms of uh the way things are done both internally and externally and at the end of the day this is not something new this is not something exclusive to crypto this happens all the time in various different companies around the world various different organizations

around the world you always want to bring in uh kind of new leadership in order to refresh things for for I mean obviously for better but sometimes it ends up being for worse but in this case I think that there isn't anyone more qualified than Danny Ryan to lead the ethereum foundation and I mean this is for a number of reasons but like the the ones that off the top of my head is the fact that I don't think there's anyone else more universally loved and respected in the ethereum ecosystem than Danny Ryan if you actually just go on Twitter and you can read all the comments everyone wants this like everyone wants Danny because he did he does have a proven track record a long proven track record of of delivering things uh and leading things to delivery leading the biggest coordination effort in software development history

potentially with the merge like he has this proven track record right he has the Merit he has the leadership skills he has the respect of the people not only the community but also the researchers and developers they all respect the hell out of him I have never come across anyone within the etherian community that has said anything bad or anything negative about Danny Ryan the only people that I think have said negative things about him either have a personal bias against him for whatever reason or just don't know who he is so that is a huge thing especially for a leader if you are going to be a leader of a community especially a community and an organization as big as a community as big as ethereum as and an organization is big and influential as a e the foundation you need to command respect right you need to command uh uh

uh uh people uh you know uh you need to have the backing of the people you need to have people respecting you not only as individual but as a leader in order for you to Be an Effective leader and again I can't think of anyone else besides maybe vitalik that fits the bill here but vitalik doesn't want this vitalik is not someone who I imagine would be a good uh a good executive director of the ethereum foundation for a number of different reasons and again he's not someone who even wants this like he is in his own lane doing his own thing and he's very effective doing that within the research being across various different things being an ethereum advocate in the public sphere as well so I want him to keep doing that personally and I think that he wants to keep doing that and he's very effective at it as as

I said but when it comes to bringing in fresh new blood into the leadership positions uh at the EF especially at the executive director position uh I I my vote goes towards Danny Ryan 100% I can't think of anyone else that would fit this bill there are obviously many other smart and well respected people within the ethereum ecosystem but the one if I had to pick one thing the one unique trait that Danny Ryan has over all of them is the fact that he has leadership skills you can be the smartest person ever you can be the best researcher best developer best whatever but a lot of the time you they don't have the leadership skills that that is not something that can necessarily be taught I think it's it's a very innate thing at least from the leaders that I've observed over the years you either

have it or you don't Danny Ryan absolutely has it and there are others in the ethereum community that have the leadership I guess like um leadership ability leadership skills but most of them if not all of them are not fit to be the Ed of the Ethan Foundation because they don't have the relevant experience they don't have the relevant relationships or command the same respect as Danny Ryan does or they're already doing leadership efforts in other areas so they basically already got a job right so Danny Ryan is basically free right now he's not doing anything as far as I know I mean he he took a break in early 2024 seems to want to come back and make an impact now and I think this would be the best uh thing there now enough of me gushing over uh Danny here and giving him my vote uh but

that's generally what's been going on with the the ethereum foundation there but as I said at the I think the ethereum foundation gets way too much Flack I don't think that they're they to blame for a lot of things within the ethereum ecosystem the their worst defense I would say and and as I said earlier is that they absolutely suck at marketing and as I said it's not marketing ethereum it's marketing themselves they need to do a much better job of marketing themselves in terms of actually putting out into the world what they do what they're responsible for what they're funding what uh you know what they've uh they've made possible within the ethereum ecosystem and also even though they don't want to be this the ethereum foundation still the port of entry for a lot of folks that aren't in ethereum like imagine if you're an organization

and you're like okay well I want to get involved with ethereum who do I talk to as the respected kind of front door that I can trust who do I talk to that's not going to scam me who do I talk to that's not some random YouTuber that's chilling some random coins well in ethereum naturally these people would look for the ethereum company now of course there's no ethereum company so then they go to the next thing okay so there seems to be an ethereum Foundation let's go talk to them and from what I know the ethereum foundation is just not set up right now in order to handle that inbound or those inbound requests so under Denny Ryan that could be something that he changes that could be a new process that he puts in place where he's like okay well I understand the

importance of this so I'm going to Institute a practice and I'm going to put a team on it that solely deals with all of this inbound interest from people outside of the the crypto ecosystem in order to triage that and in order to pass it down to the right teams so that these people can get more involved with the ethereum ecosystem because right now the where a lot of that's being done by companies outside of the ethereum foundation like for example coinbase they have inv invested interest in ethereum with base and others like consensus and so on and so forth but at the end of the day those organizations are not the ethereum foundation they're not the ones with the legitimacy that the ethereum foundation has when it comes to ethereum itself so I think that that's something that could change under under Denny Ryan there I

think that the EF could get better at marketing itself it could get better at doing General business development but again I don't think that the EF should ever become a heavy marketing organization that's not them that's not in their blood it's not in DNA and trying to get them to do that will take away from what they're actually good at which is all the research and development uh happening which is what is actually going to push ethereum forward and actually going to make ethereum a competitive platform for people to build applications on for eth to be more and more valuable over time for eth as to to grow as a money as a store of value at the end of the day the thesis for eth is that it's a better Bitcoin because you can do stuff with it like if eth is just the same as Bitcoin

where ethereum stops upgrading stops um uh stops developing new things stops becoming more scalable you know so on and so forth then it becomes just a a an inferior version in my eyes to to bitcoin because you're not going to compete with BTC like Ethan isn't going to compete with BTC by being a BTC clone essentially it it is competing with BTC and in my eyes it longterm will beat BTC based on the fact that it has vastly more utility and it is also building its Network for the long term to protect against things such as security budget issues which Bitcoin has no answer to such as meev which Bitcoin has no answer to right and and and and any kind of like toxic M that can pop up Bitcoin doesn't have finality ethereum does better security guarantees Bitcoin solo mining is a thing of the past ethereum

solo staking is not right client diversity all these things that ethereum is building for as well as scaling the network via the l2s and scaling the L1 as well uh is what we're focused on here but that is in large part being done by the etherum foundation efforts and by other efforts of other teams around them but it a lot of it stems from the ethereum foundation they are a hub a core Hub here uh and as I said their ultimate goal is over the coming years and and potentially decades to make themselves less relevant over time but during this period during this I guess like period of hyper growth during this competitive period I think the EF still needs to be relevant I think the EF needs to change a bit internally and I think Danny Ryan would be a perfect fit there but enough talk about the ethereum

foundation there I just wanted to give my piece on that because I thought it was pretty important to go over that and go over my views on things but if I was to give like one kind of I guess plea out into the community or for those of you listening to to my show at least is that don't blame the EF for everything don't blame any one entity Organization for everything if you identify a problem or something that you think needs to be fixed within the ethereum ecosystem you can go fix it you don't have to rely on anyone else the ethereum community and ecosystem is open to anyone is a purely Merit based thing or at least mostly obviously you've got the usual human stuff like potentially pay to play or who you know might get you inroads into somewhere else so on and so forth that's

just natural when whenever humans are involved especially in large groups but at the end of the day ethereum is open it's an open permissionless ecosystem you can be literally be the change you want to see you could actually if you wanted to right now what you could do is you could organize a team get you start even just start it with yourself get a team together call yourselves like the ethereum marketing something right get funding from the ethereum foundation and other organizations and go be ethereum's marketing arm you can go do that right now hell I would do it if I had more time to do it I don't if I want to do the refuel I can't be doing something like that and so I'm a very leader a very terrible leader it's not something that I could lead as I said before you either have leadership

qualities or you don't I don't think I have leadership qualities I've never worked well within a team and I've never worked well as being in any kind of position of power or a leader of anything that's just not me it's not who I am but that's fine I do what I do I educate I I try to spread the good word of the and people seem to like that but at the end of the day you anyone can go and be whatever you want within ethereum and you will get funding for it there is always money available for you and hey I'll offer my help too like if you want some help with things want feedback on things feel free to to message me I may be slow to reply because my DMs are a mess but I'm always happy to help with you with anything as well there but

anyway enough on that there's a bunch of other stuff to get through there so moving on I think I wanted to say one last thing about the ethereum account yeah so I did say that the ethereum account has been revived to the ethereum Twitter account it basically rebranded uh to I guess an account that's associated with ethereum.org which is the main website for ethereum and the ethereum foundation has a new Twitter handle that they're going to use for themselves but the ethereum Twitter account seems to be managed by a few I guess like people right now and what they're doing is if you actually go to their account is that they're retweeting and uh basically updates from the ethereum ecosystem trying to put a spotlight on everything happening there as well as uh sometimes tweeting out their own thing now this is a good start

don't get me wrong I'm enjoying this I think that needs to be more aggressive I think they need to be doing more here and I even tweeted out that I think that they need to be tweeting about e the asset not just ethereum the network in my mind they're intertwined it's Yin and yangang eth is linked to ethereum ethereum is linked to eth if you're only tweeting about ethereum you're basically missing 50% of eth right or 50% of what ethereum is which is eth in my mind CU as I said ying and yang there so I I do want to see the ethereum Twitter account tweeting more about eth the asset I've directly passed this feedback onto those managing this account or at least people who know those managing this account so I'm hopeful that will change there but just the fact that this account is alive

again is a huge change so I'm very very happy with that and hey maybe we get that huge change with ef leadership as well that would be really cool but I don't know anything about that right now we'll have to see how that plays out but the fact that the ethereum account is alive again on Twitter I think is really great because it is a great way to just market ethereum and just get awareness of ethereum up there's no other account that has more followers I don't even know if valal account has more followers than the ethereum account and metalac doesn't really tweet things except deep math stuff and shares his blog post so it's very different right and that's just what he does because that's what he Vibes with but hey the ethereum Twitter account could be a lot more than that and they are doing that now all right

moving on to some core Dev updates so we have a timeline for Petra and once again I was right about the timeline it seems that we're going to get a March main net Fork uh Christine Kim here estimates or at least um the she's um replaying what the cevs estimate here that it's going to happen in early to mid- March I would say it's more like mid to late March like if I'm giving my estimate here but we have test net dates so essentially the uh there will be new clients uh releases published on February 3rd for the Petra update this hard Fork will go live on February 12th February 19th will be the holeski fork and then early to mid-march or in my opinion mid to late March will be the main net Fork of course if everything goes well with the

test net if there's any bugs that may delay things by a week or two but we are very close now to having Petra go live on the network now just a refresh for you guys out there who may not remember what's coming in Petra major upgrades include the account abstraction EIP I believe that's EIP 7702 the max EB EIP which is essentially allowing uh validators to have up to 248 e per validator instead of the maximum of 32 e right now I think that's AIP 2 something I can't remember the AIP number there uh and also uh within Petra we have a blob count increase so essentially doubling the blobs giving more capacities to the those rollups that are using blobs uh and as you guys know blobs have been at capacity for quite a while now so our blob increase is solely needed and we

are getting that with imp Petra what we aren't getting with him with Petra is pias which is the um data availability sharting thing or sampling uh thing that's coming with fusaka or potentially with faka which is the upgrade after Petra and we're also not getting inclusion lists or EO in Petra that probably will be coming in faka as well uh their inclusion list is ethereum's answer to censorship resistance or at least inclusion sensorship resistance uh which I've talked about before on on the refuel there so yeah we have a a timeline here I believe like devet 5 went live recently uh for Petra as well seems to be going well I think you can actually join that if you want the links are somewhere for that but yeah we're very close now we're January 17th so in 2 months we could have Petra live on

mainnet so that crept up really quickly act actually it didn't even realize until just looking at it then it's January 17th like where has January gone well I know where it went I was in Japan enjoying myself and that's why it went so fast cuz having too much fun um but yeah we're we're basically two months or even less than away from Petra being live on Main net then and then as I said after that we have fusaka to look forward to look as much as I'd love fusaka to go live this this year like Q4 or something I don't imagine that happening I imagine it's going to be q1 next year and it seems like we've set it on this yearly Cadence of upgrades not because like we like it's it's something that was like agreed upon but that just seems to be the Cadence that is is

happening right now given the fact that these upgrades just keep getting bigger and bigger there's obviously a lot of different things that need to be tested and make sure that nothing's going to break there's a lot of discussions around what EIP should be prioritized versus what others but hey it creeps up on on you guys like I I mean a year ago we Denon went live or almost a year ago now Denon went live it's it's already been almost a year and it and it doesn't feel like that that's for sure so I wouldn't worry too much about timelines I think the ethereum ecosystem is doing just fine and these are L1 upgrades the L2 upgrades and L2 uh uh kind of standards and L2 everything is independent of this it doesn't really require L1 to change that much obviously blobs help the l2s but hey at the end of

the day the l2s can uh evolve and change in other ways uh outside of that and they will benefit from Blobby increases as they come live on the network there so speaking of scalability L1 is scaling a bit right now or at least attempting to scale a bit right now as you guys know there is a ecosystem wide push to increase the ethereum L1 gas limit to 36 million from 30 million we are creeping up on that actually so right now about 30 actually last time I checked it was about 34% of the network is now signaling signaling for a gas limit increase above 30 million you would assume that most of that would be at 36 million and once it reaches 50% the gas limit will start going up uh and then obviously we want to see that push out

to 100% there now I basically put out a tweet I think it was yesterday where I said that the holiday period is over so there's no more excuses for people not to increase their gas limit and I'm just trying to push more and more of these nde operators to increase their gas limits because I understand not wanting to change anything in production during the holiday period where maybe you're running a skeleton crew and yes even something as simple as changing the gas limit can uh lead to unintended uh kind of consequences or negative consequences for either the network or for your own setup as a note operator so obviously you don't want to be touching things when uh not everyone is on Deck now I assume most people are back to work at this point so in my mind there's no excuse not to increase it now to at

least 36 million which is what we seem to be seeing I would say that maybe within the next week we can get to 50% or above you know if only a few of the big operators switch over I think binance still hasn't done it so if if just them and a few others were to increase their gas limit some of the lighter note operators we'd very quickly be at 50% and then that would just uh slowly creep up over time and we' be at 36 million which is only I guess like a modest increase in scalability you know 30 million to 36 million percentage wise is not that much but as I've explained in previous refuels it's a signal it's a signal that basically we are we want to scale the L1 we know that we didn't raise the gas limit for a long time

let's raise it and then after Petra goes live um and after some of these fixes are in to make sure that increasing the gas limit isn't isn't um going to you know kill the network or anything like that or isn't going to send the network offline we can keep increasing it from there I think I've said in a previous refu though that I wish there was a better way to increase the gas limit or at least a more streamlined process or at least a an understanding that we would increase it by some percentage every 6 months and if something breaks we just revert that increase because right now it's very ad hoc it's very oh well we haven't increased it in a while so let's increase it now and I don't think that's the right approach I would much prefer a a I guess Community agreed

upon not something that's enforced by anyone but like just a community agreed upon timeline of hey you know maybe even every 3 months let's increase the gas limit by 5% of what it is now uh and then every 3 months after that we'll just keep doing that until something breaks or until it looks like something's going to break then we'll pause or something because after this gas limit increase goes through I don't know when the next one's going to be like I might push for it in three months you know I might be like guys let's do this let's let's increase by another 5% I don't care if I annoy people like I just think that that's the right thing to do so we'll see how that goes uh there all right so as I said before fusaka is the upgrade coming after Petra and Terren here who works on the

Prismatic Labs or prism clients um for the ex ethereum consensus layer here has put together a tweet where he said my vision for faka is twofold scaling on all fronts and unbiased block building this leads us to three eips pias which enables blob scaling as I went through before epbs which enables execution scaling which I've talked about a lot that's um enshrined propos a builder separation and fossil which is the inclusion list EIP which enable more local entropy in Block building now I guess like what this means in layman's terms is that better sensorship resistance for ethereum uh block building generally and Terren ends this tweet by saying I am optimistic that we can achieve all three in one upgrade and hey I am too these aren't that

complicated in the sense that we've already done all the research and we just need to build them now as far as I know pias epbs and fossil are all pretty much at the end of their research phases right now at least in terms of getting it live into the network in a initial capacity I know pias for sure is fossil's got an EIP epbs I think is almost there I haven't really uh kept up with the latest on that but I've been Loosely following it because there was just so much happening within it it was just hard to keep up with but yeah those things seem pretty ready to me so it seems like we're going to get them there now on the fossil topic here soy spoke actually put out a tweet which got me super excited this is super nerdy here but this got me really excited

where he said this chart shows the percentage of honest value is needed for all transactions including censored ones to be included under under fossil when with an inclusion list committee size of 16 you only need around 15% honest validators for transactions to be included within the same slot now just to illustrate how amazing this is I actually explained like I'm five to someone else who asked for an explanation of this so my understanding which was confirmed by soy spoke here is that it me this means that if even if 85% of validators are censoring a transaction for example torado cash transaction it is still get included in the next ethereum slots which is ethereum's block uh blocks obviously this is completely different to how it

works today how it works today is that if 85% of the network is censoring you you've only got a 15% chance per block of getting into the next block because 15% of the network is not censoring you right so we're basically flipping that on its head and reversing it and saying well okay even if 85% is censoring you you still have a um 100% chance so actually more than flipping it on its head you still have 100% chance with with fossil that your transaction is getting included in the next ethereum slot so effectively you haven't been censored at all that is insane because we're not even close to 85% of validators censoring right now we're at like I think 10% or less than 10% of validator censoring I think it's even less than that the the real parties that

I guess like um are censoring are the block Builders and and the relays but with fossil we give the power back to the validators essentially and we as far as I understand it we eliminate that concern there we eliminate that because essentially you're you're enforcing a list of transactions that you want to see included which could be cens of transactions such as tornado cash as a validator which means that you have 100% chance even if 85% of validators are censoring you because if validators are censoring you it becomes even worse than block Builders or or relays uh and that's what we we're trying to Target here but thankfully within ethereum we have an incredibly diverse and an incredibly distributed and decentralized validator set thousands of of node operators across the globe all running

ethereum validators so it'd be very difficult if not impossible to get to 85% censorship of validators uh at the validator level but even if we got there under fossil you would still get your transaction included in the next ethereum block which means effectively that you have not been censored at all which as I twe tweeted as I quote tweeted is actually insane and the ethereum research industrial complex remains undefeated as I said super nerdy but this gets me excited because of the fact that this is an extremely hard problem to solve guys this is not something easy to solve but the ethereum researchers at least in theory cuz we don't know what it's like in practice yet but at least in theory have managed to solve not not 100% solve it but seemingly solve for most of the issues

that we've been seeing over the last two years since the tornado cash contract was was sanctioned and this is what essentially ethereum L1 is trying to be the ultimate sent layer that is ultimately censorship resistant that we basically go from censorship resistance to almost censorship proof we want to be as censorship resistant as possible that is what the goal is really I mean from that everything else blossoms decentralization credible neutrality we basic we're basically saying that no matter who you are no matter what you are no matter what contract you're interacting with on ethereum L1 this can be ported to the l2s as well by the way but at least on ethereum L1 you will get your transaction in and you cannot be censored that is the Holy Grail and it remains to be seen if fossil gets us there in practice in theory it seems to

but we we'll see what that looks like in practice hopefully in faka so we won't have to wait much longer but at least that's my kind of understanding of everything there all right moving on to some bullish eth I guess not news but like bullish eth kind of uh I guess hopium if you want to call it from V here so there was a uh I don't like I don't know how true this was but there was a bit of news here that basically stated that Trump was receptive to the idea of a reserve with coins founded in the US so basically creating a strategic crypto Reserve with coins founded in the US doesn't really make sense to only prioritize coins founded in the US and as I said I don't know how true this is and I don't know what the exact quote was as you guys know um headlines and

news tends to twist everything and this may not even be true but re quote tweeted this and and and basically said you know this is a very positive step for eth becoming part of a strategic Reserve even though eth is not a US issued asset I mean technically the Eon Foundation um was um was uh I mean not technically the ethereum foundation is not domiciled has never been domiciled in the US there's never been an ethereum company in the US the closest was baby consensus I guess uh but it was founded in I mean the Genesis happened in Germany but it was founded in Switzerland I believe in zoo the at least the the foundation is headquartered there so it's not a US asset and the thing is is that if you want to be a truly decentralized uh platform then you're not going to be

tied to any nation state which ethereum isn't e is not tied to any single nation state it is basically a Global Network it's it's AS Global as the internet is no single nation state owns the internet right or controls the internet so that that the same is true for ethereum it's even maybe even stronger for ethereum considering that ethereum at Le at least uh right now has in my mind better censorship resistant guarantees than the internet does uh Because the Internet uh has various centralization vectors that are very hard to I guess like get around and even reason about but you know V said that there's 125 billion dollar of stable coins that live on ethereum so that is a very us-based thing that that the these Us doll stable coins live on ethereum all these major US companies such as Black Rock Visa coinbase Etc use

ethereum and Trump's defy app is on ethereum you know that world Liberty Finance thing so eth is strategic for the US even though eth isn't a coin founded in the US it is arguably way more strategic than any of the coins founded in the US by like a 100 or 1,000x because of the fact that uh I mean because of the facts that the Vex stated here but also beyond that the fact that ethereum is truly decentralized incredibly neutral so that the us can build on it without the worry of some other nation state like China for example stopping them from building on it or stopping them from getting involved with it they can't like no one can stop them right which is which is awesome and it's amazing that that can happen I've always liked the um the I guess like the point that I don't know

if I came up with this or someone else came up with this but I've always liked the the fact that both the US government and the North Korean government can own assets on ethereum and neither can take those assets away from each other on ethereum the the asset has to be E I think any other asset probably doesn't make any sense because obviously US dollar stable coins can be Frozen um obviously other tokens are are not really great holds from a liquidity perspective or from like a money store value perspective but if North Korea is holding eth and the US is holding eth on ethereum it has to be on ethereum too then they can't take it from each other because it's on ethereum it's secured by their own uh guess like private Keys maybe the US can do some like deep C CIA where they go and steal North Korea

private keys or something like that right but I've always liked just thinking about it from that perspective uh you know it's not like a strictly kind of bulletproof perspective but it is something worth thinking about I believe but yeah anyway we'll see how this goes I mean Trump becomes president in what like 3 days officially he's been making a lot of noise about crypto for a while there's a lot of noise from within his cabinet about crypto as I've always said with all these things we'll see what actually gets passed into legislation we'll see what actually happens on the regulatory front we'll see how receptive uh you know Trump and his team are to crypto in general we see what they actually do because they've talked a big game they've talked a very big game so far I want to see things delivered when Once he's actually sworn

in then I will be I guess like happy I'm not happy with just words like yeah cool it's fine whatever it's obviously going to be better under him if even if he does nothing than than it was under the Dems because the Dems were very hostile towards crypto uh obviously with the SEC leadership changing as well we we expect that to be a lot better and there was some news recently that Trump's team wants to basically cease pretty much like all the current SEC cases against crypto companies and potentially withdraw them so the ones against coinbase for example Unis swap so on and so forth that' be really cool but again these are just words so far once I see actions then I'll be happy about it because I'm not just going to get excited about words you guys know me I don't just get excited about narratives

I want to see things actually happening and then I can be happy about them but we'll see not not long now 3 days and we we'll see I mean it's not going to happen on the day that he gets in in basically but from then on there's no more there's no more excuse is really the clock is ticking from then on it's like hey do what you say you're going to do or you know or get out of the way sort of thing I mean obviously he's not going to get out of the way for 4 years because uh uh the next election isn't for four years there but I really hope that him and his team follow up on what they've actually been saying for the last what 6 to 12 months I really hope because if if if they do even half of

what they've been saying or even a quarter of what they've been saying it's going to be very positive for crypto overall all right so just a couple of last things about l2s so there was a an L2 interop working group call that started basically I think today or yesterday so 70 plus people came together from across the ethereum ecosystem people from the L2 teams wallet teams Bridge teams and so much more to basically join this call and discuss everything interoperability between ethereum and its L2 so the tldr is that they're currently prioritizing two things they're finalizing a design and format for chain specific addresses and consolidating the multiple designs that have been proposed for C chain messaging and align on a shared standard

to push forward with together they have decided to go ahead and start prototyping an end-to-end wallet based prototype for change specific addresses and spun up a new group to consolidate on chain on Cross chain messaging designs with a bunch of teams that work on this jumping in here which is great to see this is what we want to see happening at the on the interoperability front we want to see all these different teams working together in order to make um jumping between the different l2s using the different l2s using ethereum L1 with the twos and so on and so forth feel like one ethereum chain again you know I've been saying this for a while and I think this this was spawned by vitalic but basically the goal for the the coming years for ethereum this this maybe is even the number one goal for

ethereum above everything else uh and I I actually pretty strongly believe this it's to make all of ethereum feel like one chain again if we can do that which I think we can I don't think it's a insurmountable issue I actually think we know the solutions right now it's all about just agreeing on standards and implementing them I think once we do that not maybe yeah not if we that once we do that we pretty much solve ethereum's biggest issue which is the fragmentation issue right now uh and and obviously that lead that that bleeds down into the user experience and and cause a poor user causes a poor user experience there but once we solve that I mean I I think everything is Downstream of that honestly I think that we're doing a lot of work in parallel to this as well to solve all the other

issues but that is obviously the biggest user facing issue right now which I've said before I don't think is like a critical issue where I don't imagine there's many users uh at at least not power users you know many casual users jumping between l2s constantly I think only really power users that do that and I think even with power users most of them don't do that I mean I know a few power users they really stay on like one or two l2s at a time maybe mostly one at a time because their assets are there the liquidity is there they don't really need to move unless something really interesting is happening on another chain and this goes for l1's as well like not just the l2s they don't really feel compelled to move because they're like well I'm fine here and if you're a whale you're fine on L1 like you're not

going to care about paying even I mean the fees aren't that high right now but if you're a whale on L1 you're not going to care about paying like 10 20 $30 fees or even even $100 fees like you have millions of dollars you don't care right and that's always been the case but hey not everyone's a well most people are not we want to scale ethereum to the everyday regular user we want to make it as cheap as possible for everyone uh and that's what we're doing at the l2s and and obviously on top of that we need to make sure that it's inter interoperable with each other and all feel like one ethereum chain there all right last thing to talk about was a bit of drama that I missed because I actually wasn't checking Twitter or Discord much while I was in Japan I actually wanted to enjoy

my holiday not pollute my mind with Mindless Twitter stuff um but there was a tweet here from donno who is um he works in research at L2 beat talking about the fact that uh sonum which is Sony's L2 and how they uh basically people called it a rug but they essentially tried to sensor a specific token on their network but Dono here shows that you could actually bypass sonym sequencer and bypass their censorship by buying this token with a forc transaction through layer one so you can actually read this thread from donor I'll link it in the YouTube description below but this really does show the power of l2s using uh L1 as a for you know sorry using L1 to force through a transaction uh based on the L2

depending on how it's constructed of course the l2s can construct themselves where they don't make this possible but that's the whole reason we have L2 beat is that it can show us if this is possible or not and then you can you can use that L2 if you want or not I don't know if sonum actually knew that this was possible or not I don't know why they censored this token or why they did this here but this is exactly why you go on l2b and you know which you kind of can see which L2 can sensor you which one can't which one allows you to do Force transactions through the L1 to get your assets out so on and so forth so just to be clear not every L2 is going to be like this but I do think that the most successful ones are going to be

like this I don't imagine there's a world where you know much money wants to go to an L2 that can be censored at any time like I I I just don't think that people are going to want to do that and that's probably why you see a large amount of money in uh the more trustworthy l2s rather than the ones that are more unknown so for example arbitr one is stage one Bas is still stage zero but moving towards stage one and Bas is obviously has the coinbase brand behind behind it and the coinbase reputation behind it and I think if B was to do anything fishy it would pretty much kill them like if they were to do this right uh sonum is obviously different because it's Sony they're a big Corporation different considerations sure their legal team was probably in on this or something like that but anyway

you should go read donor's thread because it runs through how you can actually do a force transaction through L1 and yes he was doing it through ether scan it was pretty complex but anyone can build a tool to do this and I'm sure people are going to build tools to do this anyway and that's been basically the the selling point of l2s I believe is that you get more scale you don't get the downsides of having to come to Global consensus on things and you still get or potentially can get the uh similar guarantees as you get an ethereum L1 for a fraction of the price but anyway I think on that note that's going to be it for today so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to newsletter join the Discord

Channel and I'll catch you all next week thanks everyone